Product category:
Builders Merchants
News Release from: Hewden
Edited by the Buildingtalk Editorial
Team on 18 June 2007
Equipment hire firm sold
Hewden Stuart, the equipment hire arm of Finning Group (UK), has been sold to to Speedy Hire for approximately GBP115 million.
Hewden Stuart, the equipment hire arm of Finning Group (UK) , has announced today the sale of its Tools business to Speedy Hire for approximately GBP115 million The sale allows Hewden, the UK's number one plant hire company, to focus resources and energy on growing its general construction based Caterpillar and complementary non Caterpillar rental businesses
This article was originally published on Buildingtalk on 7 Mar 2007 at 8.00am (UK)
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"Hewden is the number one in plant in the UK market and intends to widen the gap between it and competitors through best operations, best value pricing, best service and best equipment," says Brian Sherlock, Director, Hewden Stuart Plc.
"We will continue to offer the construction industry a comprehensive general construction based Caterpillar and complementary non Caterpillar product offering.
The sale of Tools, which is a result of a company-wide strategic review, is a positive step for the business, its staff and customers.
Our strategy is to focus on markets where we are, or can be, the leaders through a combination of the highest quality equipment and superior, specialist services.
At Hewden, 96% of our plant-hire customers are within one hour of our nationwide network of depots," says Sherlock.
Finning is the largest Caterpillar dealer in the world and Hewden is the largest provider of Plant based rental solutions for the construction industry in Europe.
"The sale of Tools will signal changes in the organisational structure of the business as it becomes a leaner, more market focussed structure.
Hewden will retain more than 100 locations and 2,000 plant rental professionals.
It will, however, be reducing staff numbers in the back office areas of the business and a consultation process is now in progress," says Brian Sherlock.
Hewden is committed to ensuring the fair treatment of all its employees and every effort to support any affected staff will form a central part of the consultation process.
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